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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Ashok Bhushan, J, Barun Mitra, Member (Technical), Arun Baroka, Member (Technical)
Emta Coal Ltd. – Appellant
Versus
L&T Finance Ltd. – Respondent
| Table of Content |
|---|
| 1. the appeal challenges the substitution of phoenix arc in recovery proceeding. (Para 1) |
| 2. arguments centered on the validity of inadequately stamped documents. (Para 3 , 4) |
| 3. the registered assignment agreement was deemed valid for prosecution. (Para 6 , 10 , 11) |
| 4. established that registered documents are presumed stamped. (Para 8 , 9) |
| 5. the orders of nclt were upheld. (Para 14) |
JUDGMENT
(28th May, 2024)
Ashok Bhushan, J.
The Appeal by Corporate Debtor has been filed challenging the order dated 04.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench (Court-II) in IA (IBC) 504/KB/2022 and IA (IBC) 1371/KB/2023. An application under Section 7 was filed by ‘L&T Finance Ltd.’ against the Corporate Debtor claiming the total default of Rs.74,99,25,691/- and date of default as 15.08.2016 on 27.01.2020. During the pendency of Section 7 application, by Assignment Agreement dated 29.03.2022, the debt was assigned to ‘Phoenix Arc Pvt. Ltd.’- Respondent No.2 herein and an IA (IBC) 504/KB/2022 was filed by ‘Phoenix Arc Pvt. Ltd.’ praying for its substitution in place of ‘L&T Finance Ltd.’. Subsequent to filing of the IA (IBC) 504/KB/2022, th
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